GST will be reality soon: PM Modi assures Saudi business leaders

He said, 'Retrospective tax is a matter of the past'

Prime Minister Narendra Modi attended a round table conference with top business leaders at the Saudi Chambers of Commerce in Riyadh on Sunday.

The conference was attended by around 30 top-notch Saudi CEOs and Indian business leaders, along with Saudi minister of commerce and industry Tawfiq bin Fawzan Al Rabiah

Speaking at the event, Prime Minister Modi said his government has taken several policy initiatives to spur growth and progress in India, and assured the business leaders that Goods and Services Tax (GST) bill would be passed soon

"GST will happen. Retrospective tax is a matter of the past," he said.

In a bid to woo the investors, Prime Minister Modi said that India's thriving economy and availability of skilled workforce can help the businesses gain a competitive edge in the global market.

"India's health sector which is globally extremely cost competitive can emerge as a bright spot in health tourism...Indian nurses, present in large numbers in the Gulf, are a testament to our well trained man power...In a sector driven by tech changes, India's low cost tech devices have gained global renown," he said.

Further describing the meeting as an 'important' one, he said that 3Ds - Demographic dividend, Demand and Democracy - set Indian economic scenario apart from the rest of the world.

"From Petroleum to renewable energy, infrastructure, defence and agriculture, there is a tremendous opportunity for expanding our cooperation, India and Saudi Arabia should look at working together for building a dynamic global management sector for the cyber world," he said

Concluding his speech, the Prime Minister said, "India and Saudi Arabia are old friends and we are ready to take bold new steps into a golden future."

The Prime Minster is on a two-day official visit to Saudi Arabia. He will be meeting Saudi King Salman bin Abdulaziz Al Saud's son, Prince Mohammad bin Salman, who many feel could be the future monarch, later today.

Modi will also be accorded a ceremonial reception at the Royal Palace where a Luncheon will also be held in his honour later today.